Thinking about opening a shoe store? We tell you what you need to know to get started.
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Characteristics of a Good Shoe Store Business Plan
Your shoe store's business plan should be tailored to your business's unique traits and goals. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – A foundational statement of your company's direction and strategy.
- Goals & Objectives – A list of mile markers on your shoe store's road to success.
- Financial, Marketing & Action Plans – More detailed descriptions of how you will carry out your mission and achieve your shoe store's goals.
Check Out the Competition
Long before you open a shoe store in your town, it's a good idea to find out how you will fit in the competitive landscape. We've provided the link below to help you find competitors in your city. After following the link, enter your city, state and zip code to get a list of shoe stores in your area.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
If you are seriously contemplating launching a shoe store, it's essential that you speak with somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
However, an entrepreneur who owns a shoe store outside of your community will be much more likely to talk with you, once they realize that you are not going to directly compete with them in their community. Many business owners are happy to give advice to new entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
Do you know how to find a shoe store owner in another city who you can speak with?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Three Arguments for Buying a Shoe Store
It's almost always preferable to buy a shoe store than to pursue a shoe store startup.
Due diligence and other business buying requirements are essential. But there are several reasons why buying a shoe store may still be your best bet.
- Initial Revenue. If you're careful in your research, the shoe store you buy will have a track record of profitability – a big plus since it may take months or even years for a startup to turn a profit.
- Operational Efficiency. A good shoe store should already function like a well-oiled machine.
- Funding. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
You should know that your odds of avoiding failure in business are substantially improved when you choose to franchise and leverage their successful brand and track record.
Before you consider starting a shoe store, you would be wise to determine whether buying a franchise could simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These interviews should be of interest to you.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you already are in business and came here to learn about growing an existing shoe store, try these useful resources:
If you came here to learn about selling to shoe stores, we've got better information for you elsewhere on our site. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.